邁威爾科技 (MRVL) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Marvell Technology Inc., second-quarter Of fiscal year 2026 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Marvell Technology Inc. 2026 財年第二季財報電話會議。（操作員指示）

Please note this event is being recorded. I will now turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations.

請注意，此事件正在被記錄。現在，我將會議交給投資者關係資深副總裁 Ashish Saran 先生。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Marvell's second-quarter fiscal year 2026 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Willem Meintjes CFO; Chris Koopmans, President and COO; and Sandeep Bharathi, President, Data Center Group. Let me remind everyone that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties and that could cause our actual results to differ materially from management's current expectations.

謝謝大家，下午好。歡迎參加 Marvell 2026 財年第二季財報電話會議。今天與我一起出席的還有 Marvell 董事長兼執行長 Matt Murphy、財務長 Willem Meintjes、總裁兼營運長 Chris Koopmans 和資料中心集團總裁 Sandeep Bharathi。讓我提醒大家，今天發表的某些評論包括前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致我們的實際結果與管理階層目前的預期有重大差異。

Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website, as well as our most recent 10-K and 10-Q filings, we do not intend to update our forward-looking statements.

請查看我們今天向美國證券交易委員會提交並在我們的網站上發布的收益新聞稿以及我們最近的 10-K 和 10-Q 文件中包含的警示性聲明和風險因素，我們不打算更新我們的前瞻性聲明。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in our earnings press release.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們的 GAAP 和非 GAAP 財務指標之間的對帳可在我們的收益新聞稿中查看。

Let me now turn the call over to Matt for his comments on the quarter. Matt?

現在，讓我將電話轉給馬特，請他評論本季的情況。馬特？

Thanks, Ashish, and good afternoon, everyone. For the second quarter of fiscal 2026, Marvell delivered record revenue of $2.006 billion, reflecting a 6% sequential increase and strong 58% year-over-year growth. Our data center end market continued its strong momentum, growing 69% year-over-year, fueled by robust AI demand.

謝謝，Ashish，大家下午好。2026 財年第二季度，Marvell 營收創歷史新高，達 20.06 億美元，季增 6%，年增 58%。我們的資料中心終端市場持續保持強勁勢頭，受強勁的人工智慧需求推動，較去年同期成長 69%。

We also saw a solid recovery in our enterprise networking and carrier infrastructure end markets, which collectively grew 43% year-over-year. We expanded our non-GAAP operating margin by 870 basis points year-over-year to 34.8% and delivered record non-GAAP earnings per share of $0.67, up 123% year-over-year.

我們的企業網路和營運商基礎設施終端市場也出現了強勁復甦，整體較去年同期成長 43%。我們的非公認會計準則營業利潤率年增 870 個基點至 34.8%，非公認會計準則每股盈餘創歷史新高，達到 0.67 美元，較去年同期成長 123%。

We also delivered $462 million in operating cash flow, up significantly from the $333 million in the first quarter. Robust cash flow generation is enabling us to continue to return significant capital to our stockholders.

我們也實現了 4.62 億美元的營運現金流，較第一季的 3.33 億美元大幅成長。強勁的現金流使我們能夠繼續向股東返還大量資本。

We have repurchased $540 million of stock through the first half of the fiscal year with approximately $2 billion remaining in our authorization. At the beginning of the third quarter, we completed the divestiture of our automotive ethernet business and a $2.5 billion all-cash transaction at a very compelling valuation. I'm pleased with our team's execution in closing this transaction ahead of schedule.

在本財年上半年，我們已經回購了價值 5.4 億美元的股票，目前授權金額還剩下約 20 億美元。第三季初，我們完成了汽車乙太網路業務的剝離，並以極具吸引力的估值完成了 25 億美元的全現金交易。我對我們的團隊提前完成此次交易的執行情況感到非常滿意。

The proceeds from this transaction provide us flexibility to continue to drive our ongoing stock repurchase program and deploy capital to further bolster our technology platform. The auto divestiture aligns with our strategy to focus the company on what we expect to continue to be a massive AI opportunity in front of us by purposely redirecting our investments towards data center relative to our other end markets.

此交易的收益為我們提供了靈活性，可以繼續推動我們正在進行的股票回購計劃並部署資本以進一步加強我們的技術平台。汽車業務的剝離符合我們的策略，即透過有意識地將我們的投資轉向資料中心而非其他終端市場，將公司重點放在我們預計將繼續面臨的巨大人工智慧機會上。

That strategy has been very successful with data center alone now driving three-fourth of our total revenue. The auto divestiture further reduces the relative proportion of revenue from our non-data center end markets. As a result, starting in the third quarter, we will consolidate our non-data center end markets into a new single communications and other end markets.

該策略非常成功，光是資料中心就貢獻了我們總收入的四分之三。汽車業務的剝離進一步降低了我們非資料中心終端市場的收入相對比例。因此，從第三季開始，我們將把非資料中心終端市場整合為一個新的單一通訊和其他終端市場。

Willem will cover this in more detail in his prepared remarks. During the quarter, we hosted a highly successful custom silicon investor event in June, where we outlined an expanded $94 billion data center TAM for calendar 2028, a 26% increase from our prior view.

威廉將在他的準備好的演講中更詳細地討論這一點。在本季度，我們於 6 月舉辦了一場非常成功的客製化矽片投資者活動，在會上我們概述了 2028 年資料中心 TAM 的擴大值將達到 940 億美元，比我們之前的預期增加了 26%。

We also unveiled a new fast-growing custom silicon product category of XPU attach, updated our custom design win board to 18 multigenerational XPU and XP attached sockets and highlighted over 50 new pipeline opportunities with an estimated $75 billion of lifetime revenue potential.

我們還推出了一種快速成長的新型客製化矽片產品類別——XPU 連接，將我們的客製化設計板更新為 18 種多代 XPU 和 XP 連接插座，並重點介紹了 50 多個新的管道機會，預計其終身收入潛力為 750 億美元。

Based on the sockets we have already won, we concluded with our plan to grow our data center market share from 13% of a $33 billion TAM in calendar '24 to 20% of a $94 billion TAM in calendar '28. Let me now take a moment to share how we are enhancing our leadership structure to further capitalize on significant opportunities in the large and fast-moving AI and cloud markets.

根據我們已經贏得的份額，我們制定了一項計劃，將我們的資料中心市場份額從 24 年度 330 億美元 TAM 的 13% 提高到 28 年度 940 億美元 TAM 的 20%。現在，請允許我花點時間分享我們如何加強領導結構，以進一步利用龐大且快速發展的人工智慧和雲端市場中的重大機會。

We have promoted two exceptional leaders. Chris Koopmans to President and COO; and Sandeep Bharathi to President, Data Center Group and consolidated substantial parts of the organization under their leadership. Their proven track record of innovation, execution and results positions them to accelerate Marvell's growth.

我們提拔了兩位傑出的領導人。Chris Koopmans 擔任總裁兼營運長；Sandeep Bharathi 擔任資料中心集團總裁，並在他們的領導下整合了該組織的大部分職能。他們在創新、執行和成果方面的良好記錄使他們能夠加速 Marvell 的發展。

Chris joined Marvell nine years ago, and he has been a key enabler of our transformation to a leader in the data center market. He successfully led sales, our networking business and most recently, global business operations and marketing.

克里斯九年前加入 Marvell，他是我們轉型為資料中心市場領導者的關鍵推動者。他成功地領導了銷售、網路業務以及最近的全球業務營運和行銷。

I'm pleased to see Chris take on sales again, along with managing our non-data center businesses and corporate development. His expanded role now encompasses end-to-end revenue execution from go-to-market strategy and customer engagement to operations and long-term strategic planning.

我很高興看到克里斯再次負責銷售，同時管理我們的非資料中心業務和企業發展。現在，他的職責範圍擴大到端到端的收入執行，從市場進入策略和客戶參與到營運和長期策略規劃。

Sandeep joined us in early 2019 to lead our central engineering team and accelerate development of our technology platform. He was instrumental in driving Marvell's leap to 5-nanometer process technology leadership and integrating Avera, the custom business we acquired that has since become our largest growth opportunity.

Sandeep 於 2019 年初加入我們，領導我們的中央工程團隊並加速我們技術平台的開發。他在推動 Marvell 躍升至 5 奈米製程技術領先地位以及整合 Avera 方面發揮了重要作用，我們收購的客製化業務現已成為我們最大的成長機會。

Under Sandeep's guidance, our engineering teams have successfully delivered multiple highly complex custom XPU and XP attach projects into high-volume production with first-time silicon success.

在 Sandeep 的指導下，我們的工程團隊已成功將多個高度複雜的客製化 XPU 和 XP 附加項目投入大批量生產，並首次獲得矽片成功。

With this promotion, Sandeep now has overall responsibility for our data center business in addition to his continued leadership of data center engineering and central engineering. This unifies full ownership of our largest and most important business under a single leader, spanning the entire product life cycle from technology platform, IP and road map to customer engagement, product definition and chip development.

此次晉升後，Sandeep 除了繼續領導資料中心工程和中央工程之外，還全面負責我們的資料中心業務。這將我們最大、最重要的業務的全部所有權統一到一位領導者手中，涵蓋從技術平台、IP 和路線圖到客戶參與、產品定義和晶片開發的整個產品生命週期。

Let me now discuss our results and expectations for each of our end markets. In our data center end market, we achieved record revenue of $1.49 billion in the second quarter, growing 3% sequentially and 69% year-over-year. The strong performance was led by our custom XPU and XPU attached products as well as our electro-optics interconnect portfolio.

現在讓我討論一下我們對每個終端市場的表現和期望。在我們的資料中心終端市場，我們在第二季度實現了創紀錄的 14.9 億美元收入，季增 3%，年增 69%。強勁的表現得益於我們的客製化 XPU 和 XPU 附加產品以及我們的電光互連產品組合。

AI and cloud continue to be the primary drivers, accounting for over 90% of our data center revenue, with the remainder coming from the on-premise portion of our data center end market. We expect on-premise revenue to remain stable at an annualized revenue run rate of approximately $500 million.

人工智慧和雲端運算仍然是主要驅動力，占我們資料中心收入的 90% 以上，其餘部分來自我們資料中心終端市場的內部部署部分。我們預計內部收入將保持穩定，年收入運行率約為 5 億美元。

Looking ahead to the third quarter, we expect revenue from our electro-optics products to grow double digits sequentially on a percentage basis as we continue to benefit from our market-leading position in AI interconnect. Our custom business is also performing well and remains on track to grow in the second half of the fiscal year compared to the first.

展望第三季度，我們預計我們的電光產品收入將以百分比持續成長兩位數，因為我們將繼續受益於我們在人工智慧互連領域的市場領先地位。我們的客製化業務也表現良好，與上半年相比，本財年下半年仍維持成長動能。

However, we expect growth to be nonlinear in the custom business with the fourth quarter substantially stronger than the third. As a result, we expect overall data center revenue in the third quarter to be flat sequentially with electro-optics strength offset by lower custom revenue.

然而，我們預期客製化業務的成長將是非線性的，第四季的成長將明顯強於第三季。因此，我們預計第三季資料中心整體營收將與上一季持平，電光業務的強勁成長將被客製化收入的下降所抵消。

On a year-over-year basis, we expect data center revenue to continue to deliver strong growth in the mid-30% range in the third quarter. We are very pleased with the progress of our 18 XPU and XPU attached sockets, several of which are already in volume production. We are making excellent progress on development of the remaining sockets with all of them expected to ramp over the next couple of years.

與去年同期相比，我們預計第三季資料中心營收將持續實現 30% 左右的強勁成長。我們對 18 個 XPU 和 XPU 連接插座的進展感到非常滿意，其中幾個已經投入大量生產。我們在剩餘插座的開發方面取得了巨大進展，預計所有插座都將在未來幾年內實現量產。

The success of our initial wave of custom programs, combined with rapidly growing industry interest in custom silicon has expanded our design win pipeline to over 50 new opportunities. As next-generation XPU and XPU attached products increase in complexity, we believe it will become even more critical for customers to partner with a full-service custom silicon provider like Marvell.

我們首批客製化專案的成功，加上業界對客製化矽片的興趣迅速增長，使我們的設計贏單管道擴展到 50 多個新機會。隨著下一代 XPU 和 XPU 附加產品複雜性的增加，我們相信客戶與 Marvell 這樣的全方位服務客製化矽片供應商合作將變得更加重要。

Since our event in June, our team has won additional sockets, adding to the 18 sockets we had already discussed. Collectively, these new wins represent multibillion-dollar lifetime revenue potential, and we remain deeply engaged in advanced architectural discussions of many of the opportunities still in the funnel

自六月的活動以來，我們的團隊已經贏得了額外的插槽，加上我們已經討論過的 18 個插槽。總的來說，這些新的勝利代表著數十億美元的終身收入潛力，我們仍在深入參與許多仍在醞釀中的機會的高級架構討論

. As next-generation AI data centers evolve, scale-up networks are becoming essential to tightly interconnect tens, hundreds and eventually thousands of XPUs within and across racks.

。隨著新一代人工智慧資料中心的發展，擴展網路對於機架內和跨機架緊密連接數十、數百甚至數千個 XPU 變得至關重要。

These require ultra-low latency and multi-terabit bandwidth to meet the demands of training and inference workloads. Marvell's multigenerational custom engagements with the hyperscalers gives us unique visibility into upcoming XPU architectures, enabling us to design scale-up switches supporting both open standard Ethernet and UALink fabrics purpose-built for AI.

這些需要超低延遲和多兆位元頻寬來滿足訓練和推理工作負載的需求。Marvell 與超大規模企業的多代客製化合作使我們對即將推出的 XPU 架構有了獨特的了解，使我們能夠設計支援開放標準乙太網路和專為 AI 構建的 UALink 結構的擴展交換器。

Combined with Marvell's leadership in Ethernet switching and proprietary high-speed, low-power, low-latency SerDes IP, we are strongly positioned to lead this market inflection. We are investing in developing scale-up switches tailored to each customer's protocol of choice and look forward to updating you on our progress. Beyond switching, our interconnect portfolio extends the opportunity.

結合 Marvell 在乙太網路交換領域的領導地位以及專有的高速、低功耗、低延遲 SerDes IP，我們完全有能力引領這項市場變革。我們正在投資開發適合每個客戶選擇的協議的擴大規模交換機，並期待向您通報我們的進展。除了交換之外，我們的互連產品組合也擴大了機會。

While copper dominates the scale-up links today, as networks expand and bandwidth grows, optics adoption will follow. This represents a large opportunity for Marvell's full suite of interconnect products and technologies, including DSPs for active electrical cables or AECs, and active optical cables or AOCs.

雖然目前銅纜在擴展鏈路中占主導地位，但隨著網路擴展和頻寬成長，光纖的採用也將隨之而來。這對於 Marvell 全套互連產品和技術來說是一個巨大的機遇，其中包括用於主動電纜或 AEC 和主動光纜或 AOC 的 DSP。

Retimers for PCI, Ethernet and UALink and silicon photonics for near-packaged and co-packaged XPU optics. Our AEC and AOC DSPs are already in the market and our retimers are in customer evaluation. We have demonstrated our 6.4T silicon photonics light engines and expect our technology to be a key enabler of NPO and CPO implementations once the industry is ready to adopt.

PCI、乙太網路和 UALink 的重定時器以及用於近封裝和共同封裝 XPU 光學元件的矽光子學。我們的 AEC 和 AOC DSP 已經上市，我們的重定時器正在接受客戶評估。我們已經展示了我們的 6.4T 矽光子光引擎，並期望一旦行業準備好採用，我們的技術將成為 NPO 和 CPO 實施的關鍵推動因素。

Collectively, between switching and interconnect, we see a massive scale-up opportunity for Marvell over time. Turning to our electro-optics interconnect portfolio. Our PAM and DCI franchises continue to lead the industry in enabling the build-out of AI and cloud infrastructure.

總的來說，在交換和互連領域，我們看到 Marvell 隨著時間的推移將面臨巨大的擴展機會。轉向我們的電光互連產品組合。我們的 PAM 和 DCI 特許經營權繼續引領產業，推動 AI 和雲端基礎設施的建設。

Demand for 800-gig PAM DSPs remain strong with a long life cycle still ahead. We have also begun volume shipments of our next-generation 200-gig per lane 1.6T PAM DSPs to multiple customers, and we expect adoption to accelerate in the next several quarters.

800 千兆 PAM DSP 的需求依然強勁，並且未來仍有很長的生命週期。我們也已開始向多個客戶批量出貨下一代每通道 200 千兆 1.6T PAM DSP，我們預計未來幾季的採用速度將加快。

Looking further ahead, we are driving the next optical technology transition. At this year's Optical Fiber Conference, we demonstrated our 400-gig per lane PAM technology, a critical innovation and step towards enabling 3.2T optical interconnects.

展望未來，我們正在推動下一次光學技術轉型。在今年的光纖會議上，我們展示了每通道 400 千兆的 PAM 技術，這是實現 3.2T 光互連的關鍵創新和一步。

This milestone underscores Marvell's leadership in pushing the boundaries of next-generation optical connectivity. Our data center interconnect business also continues to expand with adoption proliferating across large hyperscalers. Collectively, the custom and electro-optics product lines I just described, now account for over three-fourth of our total data center revenue.

這一里程碑彰顯了 Marvell 在突破下一代光學連結領域中的領導地位。隨著大型超大規模資料中心的採用不斷增加，我們的資料中心互連業務也持續擴大。總的來說，我剛才描述的客製化和電光產品線現在占我們資料中心總收入的四分之三以上。

The balance comes primarily from our data center storage, switching and security portfolios, each of which is showing solid progress. Our data center storage revenue has improved significantly, reflecting a return to health in both the SSD and HDD markets. In AI and cloud switching, our 12.8T products continue to ship in high volume, while our next-generation 51.2T switches are now ramping.

平衡主要來自於我們的資料中心儲存、交換和安全產品組合，每個產品組合都顯示出穩定的進展。我們的資料中心儲存收入大幅提升，反映出 SSD 和 HDD 市場都恢復健康。在人工智慧和雲端交換領域，我們的 12.8T 產品持續大量出貨，而我們的下一代 51.2T 交換器正在加速發展。

Adoption is accelerating, and we expect these products to be a major driver of switch revenue growth in the next fiscal year. In the security market, we recently expanded our collaboration with Microsoft Azure on our hardware security modules, building on a long-standing and trusted relationship with this customer.

採用速度正在加快，我們預計這些產品將成為下一財年交換器收入成長的主要驅動力。在安全市場，我們最近擴大了與 Microsoft Azure 在硬體安全模組上的合作，與該客戶建立了長期信任的關係。

Now let me turn to our enterprise networking and carrier infrastructure end markets. In the second quarter, enterprise networking revenue was $194 million and carrier infrastructure revenue totaled $130 million. Combined revenue for these end markets grew 2% sequentially and 43% year-over-year.

現在讓我來談談我們的企業網路和營運商基礎設施終端市場。第二季度，企業網路收入為1.94億美元，營運商基礎設施收入總計1.3億美元。這些終端市場的總收入比上一季成長了 2%，比去年同期成長了 43%。

Looking ahead to the third quarter of fiscal 2026, we expect aggregate revenue from enterprise networking and carrier infrastructure to grow sequentially by approximately 30%. This growth is driven by normalizing customer inventory levels and strong adoption of our refreshed product portfolio.

展望 2026 財年第三季度，我們預期企業網路和營運商基礎設施的總營收將季增約 30%。這一增長是由客戶庫存水準的正常化和我們更新的產品組合的廣泛採用所推動的。

As a reminder, we recently migrated these products to advanced process nodes, an investment we expect to yield benefits for many years to come, given the long product life cycles in these markets. In the consumer end market, second quarter revenue was $116 million, up 84% sequentially and 30% year-over-year.

提醒一下，我們最近將這些產品遷移到了先進的製程節點，考慮到這些市場中產品的較長生命週期，我們預計這項投資將在未來許多年產生效益。在消費端市場，第二季營收為1.16億美元，季增84%，年增30%。

Gaming demand and its seasonality continues to be the primary driver of this business. For the third quarter, we expect consumer revenue to be down sequentially in the low single digits on a percentage basis.

遊戲需求及其季節性仍然是該業務的主要驅動力。對於第三季度，我們預期消費者收入將環比下降個位數百分比。

Turning to our automotive and industrial end market. Second quarter revenue was $76 million, flat both sequentially and year-over-year. For the third quarter of fiscal 2026, reflecting the divestiture of our automotive Ethernet business, we anticipate overall revenue of approximately $35 million from this end market.

轉向我們的汽車和工業終端市場。第二季營收為 7,600 萬美元，環比和年比均持平。對於 2026 財年第三季度，考慮到我們汽車乙太網路業務的剝離，我們預計該終端市場的總收入約為 3,500 萬美元。

This includes a mid-single-digit million dollar contribution from our automotive Ethernet business prior to the transaction closing. In summary, in the second quarter of fiscal 2026, we continue to deliver operating margin expansion, earnings per share growth and new revenue records. Looking ahead, we expect momentum to continue in the third quarter, with total company revenue forecast at $2.06 billion at the midpoint, representing 36% year-over-year growth.

其中包括交易結束前我們汽車乙太網路業務貢獻的數億美元。綜上所述，2026財年第二季度，我們持續實現營業利潤率擴大、每股收益成長和新的收入記錄。展望未來，我們預計第三季將繼續保持這一勢頭，預計公司總收入中位數為 20.6 億美元，年增 36%。

Excluding revenue from automotive Ethernet, the implied revenue growth for Marvell's go-forward business would be closer to 40% year-over-year at the midpoint of our forecast for the third quarter. We also expect to continue driving operating leverage with non-GAAP earnings per share forecast to grow 10% sequentially at the midpoint of guidance, more than double our projected revenue growth rate.

不包括汽車乙太網路的收入，按照我們對第三季的預測中位數計算，Marvell 未來業務的隱含收入成長率將接近 40%。我們也預計將繼續推動營運槓桿，非公認會計準則每股盈餘預計將在指導中期環比成長 10%，是我們預期營收成長率的兩倍多。

Our second quarter results and third quarter guidance reflect robust contributions from our AI-driven data center end market, complemented by strong recovery in our enterprise networking and carrier infrastructure end markets.

我們第二季的業績和第三季的指引反映了我們人工智慧驅動的資料中心終端市場的強勁貢獻，以及企業網路和營運商基礎設施終端市場的強勁復甦。

At the same time, our custom AI design engagements are at an all-time high with customers showing very strong interest in our broad range of differentiated technologies. As I discussed earlier, our team continues to accumulate new wins, and we are pleased with the strong progress across both current and next-generation custom programs, which reinforces our confidence that we can achieve our long-term custom revenue goals.

同時，我們的客製化 AI 設計參與度達到了歷史最高水平，客戶對我們廣泛的差異化技術表現出濃厚的興趣。正如我之前所討論的，我們的團隊繼續積累新的勝利，我們對當前和下一代定制計劃的強勁進展感到滿意，這增強了我們實現長期定制收入目標的信心。

In addition, our market-leading electro-optics franchises continue to see strong demand for both current and next-generation solutions, and our scale-out switching platforms are positioned for strong growth. Over time, the emergence of scale-up networking for AI infrastructure should provide another strong tailwind for Marvell.

此外，我們市場領先的電光特許經營權繼續看到對當前和下一代解決方案的強勁需求，並且我們的橫向擴展交換平台有望實現強勁增長。隨著時間的推移，人工智慧基礎設施擴展網路的出現應該會為 Marvell 帶來另一個強勁的順風。

With that, I'll turn the call over to Willem for more detail on our recent results and outlook.

說完這些，我將把電話轉給威廉，以了解有關我們最近的結果和前景的更多詳細資訊。

Thank you, Matt, and good afternoon, everyone. Let me start with a summary of financial results for the second quarter of fiscal 2026. Revenue in the second quarter was $2.006 billion, growing 58% year-over-year and 6% sequentially. Data center was our largest end market, contributing 74% of total revenue. GAAP gross margin was 50.4%, non-GAAP gross margin was 59.4%.

謝謝你，馬特，大家下午好。首先，我來總結一下 2026 財年第二季的財務表現。第二季營收為 20.06 億美元，年增 58%，季增 6%。資料中心是我們最大的終端市場，貢獻了總收入的74%。GAAP毛利率為50.4%，非GAAP毛利率為59.4%。

Moving on to operating expenses. GAAP operating expenses were $721 million, including stock-based compensation amortization of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses came in at $493 million, slightly below our guidance.

繼續討論營運費用。依照美國通用會計準則計算的營運費用為 7.21 億美元，其中包括股票薪酬、收購無形資產的攤銷、重組成本以及收購相關成本。非公認會計準則營運費用為 4.93 億美元，略低於我們的預期。

Our GAAP operating margin was 14.5%, while non-GAAP operating margin was 34.8%. For the second quarter, GAAP earnings per diluted share was $0.22. Non-GAAP earnings per diluted share was $0.67, reflecting year-over-year growth of 123%, which is more than double the pace of revenue growth, demonstrating the significant operating leverage in our model.

我們的 GAAP 營業利潤率為 14.5%，而非 GAAP 營業利潤率為 34.8%。第二季度，GAAP 每股攤薄收益為 0.22 美元。非 GAAP 每股稀釋收益為 0.67 美元，較去年同期成長 123%，是營收成長速度的兩倍多，反映了我們模型中顯著的營運槓桿作用。

Now turning to our cash flow and balance sheet. Cash flow from operations in the second quarter was approximately $462 million, growing by $129 million from the prior quarter. Our inventory at the end of the second quarter was $1.05 billion, a decrease of $20 million from the prior quarter.

現在轉向我們的現金流和資產負債表。第二季經營現金流約4.62億美元，較上一季成長1.29億美元。我們第二季末的庫存為 10.5 億美元，比上一季減少了 2,000 萬美元。

We returned $52 million to shareholders through cash dividends. In addition, we repurchased $200 million of our stock in the second quarter.

我們透過現金股利向股東返還了 5,200 萬美元。此外，我們在第二季回購了價值 2 億美元的股票。

In June, we completed the public offering of notes totaling $1 billion and used most of the proceeds to repay existing debt. As of the end of the second quarter, our total debt was $4.5 billion with our gross debt-to-EBITDA ratio of 1.63 times and a net debt-to-EBITDA ratio of 1.19 times. Our debt ratios have continued to improve as we have driven an increase in our EBITDA. As of the end of the second fiscal quarter, our cash and cash equivalents were $1.2 billion.

6月份，我們完成了總額10億美元的票據公開發行，並將大部分收益用於償還現有債務。截至第二季末，我們的總負債為 45 億美元，總負債與 EBITDA 比率為 1.63 倍，淨負債與 EBITDA 比率為 1.19 倍。隨著 EBITDA 的成長，我們的負債比率持續改善。截至第二財季末，我們的現金和現金等價物為12億美元。

We recently completed the divestiture of our automotive Ethernet business in $2.5 billion all-cash transaction. Proceeds from this sale give us flexibility to continue to drive our ongoing stock repurchase program as well as invest further in our technology capabilities.

我們最近以 25 億美元的全現金交易完成了汽車乙太網路業務的剝離。此次出售所得將使我們能夠靈活地繼續推動我們正在進行的股票回購計劃以及進一步投資於我們的技術能力。

Turning to our guidance for the third quarter of fiscal 2026. We are forecasting revenue to be in the range of $2.06 billion, plus or minus 5%.

談到我們對 2026 財年第三季的指導。我們預測營收將在 20.6 億美元左右，上下浮動 5%。

As a reminder, this forecast includes revenue in the mid-single-digit millions of dollars from the automotive Ethernet business before the completion of the divestiture. If the divestiture has not taken place, and we had operated the automotive Ethernet business for the full quarter, we would have added approximately $60 million to our guidance.

提醒一下，該預測包括了剝離完成之前汽車乙太網路業務的數百萬美元的收入。如果沒有發生資產剝離，並且我們整個季度都經營汽車乙太網路業務，那麼我們的預期收入將增加約 6,000 萬美元。

We expect our GAAP gross margin to be between 51.5% and 52%. We expect our non-GAAP gross margin to be between 59.5% and 60%.

我們預計我們的 GAAP 毛利率在 51.5% 至 52% 之間。我們預計非公認會計準則毛利率在 59.5% 至 60% 之間。

Looking forward, we anticipate that the overall level of revenue and product mix will remain key determinants of our gross margin in any given quarter. For the third quarter, we project our GAAP operating expenses to be approximately $719 million. We anticipate our non-GAAP operating expenses to be approximately $485 million.

展望未來，我們預計整體收入水準和產品組合仍將是任何季度毛利率的關鍵決定因素。我們預計第三季的 GAAP 營運費用約為 7.19 億美元。我們預計非公認會計準則營運費用約為 4.85 億美元。

For the third quarter, we expect GAAP other income and expense, including interest on our debt and the gain from the divestiture of our automotive Ethernet business to be an income of approximately $1.8 billion. Non-GAAP other income and expense, including interest on our debt, is expected to be an expense of approximately $33 million.

我們預計第三季度，根據 GAAP 計算的其他收入和支出（包括債務利息和汽車乙太網路業務剝離收益）將達到約 18 億美元。非 GAAP 計算其他收入和支出（包括債務利息）預計約 3,300 萬美元。

We expect a non-GAAP tax rate of 10% for the third quarter. We do not expect the recently passed tax bill act to have a material effect on our current year's non-GAAP tax rate. We expect our basic weighted average shares outstanding to be $863 million and our diluted weighted average shares outstanding to be $870 million. We anticipate GAAP earnings per diluted share in the range of $1.98 to $2.08. We expect non-GAAP earnings per diluted share in the range of $0.69 to $0.79.

我們預計第三季的非公認會計準則稅率為 10%。我們預計最近通過的稅收法案不會對我們今年的非公認會計準則稅率產生重大影響。我們預期基本加權平均流通股數為 8.63 億美元，稀釋加權平均流通股數為 8.7 億美元。我們預計，根據美國通用會計準則 (GAAP)，每股攤薄收益將在 1.98 美元至 2.08 美元之間。根據非美國通用會計準則 (Non-GAAP)，每股攤薄收益將在 0.69 美元至 0.79 美元之間。

As Matt mentioned, we plan on updating our revenue by end market classification beginning next quarter. Over the past several years, our strategic focus on expanding revenue in the data center market has delivered strong results, driving significant growth in this end market.

正如馬特所提到的，我們計劃從下個季度開始按終端市場分類更新我們的收入。過去幾年，我們將策略重點放在擴大資料中心市場的收入上，取得了強勁的成果，推動了這個終端市場的顯著成長。

On a relative basis, Data center revenue has more than doubled as a percentage of total company revenue from 34% in the second quarter of fiscal 2024 to 74% in the second quarter of fiscal 2026.

相對而言，資料中心營收占公司總營收的比例成長了一倍多，從 2024 財年第二季的 34% 成長到 2026 財年第二季的 74%。

As a result, in our most recent quarter, our four other end markets collectively represented only 26% of total company revenue. The divestiture of our automotive Ethernet business further reduces the relative contribution of our non-data center end markets.

因此，在最近一個季度，我們的其他四個終端市場合計僅占公司總收入的 26%。汽車乙太網路業務的剝離進一步降低了非資料中心終端市場的相對貢獻。

Looking ahead, we expect data center to continue outpacing all other end markets in both size and growth rate. As a result, our fiscal Q3 results will be the last quarter with the current classification and our Q4 guide will reflect the streamlined revenue reporting.

展望未來，我們預計資料中心在規模和成長率方面將繼續超過所有其他終端市場。因此，我們的財政第三季度業績將是採用當前分類的最後一個季度，而我們的第四季度指南將反映簡化的收入報告。

Results will be reported in two categories: data center and communications and other. The composition of our data center end market will remain unchanged. The new communications and other end market will consolidate revenue currently reported separately from our enterprise networking, carrier infrastructure, consumer and auto industrial end markets.

結果將分為兩類報告：資料中心和通訊及其他。我們的資料中心終端市場組成將保持不變。新的通訊和其他終端市場將合併目前分別從我們的企業網路、營運商基礎設施、消費者和汽車工業終端市場報告的收入。

We will continue to provide qualitative commentary in our earnings discussions, highlighting notable developments within submarkets in the consolidated communications and other end markets. We expect most of the revenue in the new communications and other end markets come from our current enterprise networking and carrier infrastructure end markets, which have both continued to recover.

我們將繼續在收益討論中提供定性評論，強調合併通訊和其他終端市場的子市場中的顯著發展。我們預計新通訊和其他終端市場的大部分收入來自我們目前的企業網路和營運商基礎設施終端市場，這兩個市場都在持續復甦。

On a combined basis for these two end markets, our guidance for the third quarter of this fiscal year implies an annualized revenue run rate of approximately $1.7 billion compared to the low point we saw in the first quarter of fiscal 2025 of approximately $900 million. Consistent with prior comments, we expect these two end markets to collectively generate approximately $2 billion in annual revenue over time.

綜合考慮這兩個終端市場，我們對本財年第三季的預期意味著年化收入運行率約為 17 億美元，而 2025 財年第一季的最低點約為 9 億美元。與先前的評論一致，我們預計這兩個終端市場將隨著時間的推移共同產生約 20 億美元的年收入。

Additionally, as we have stated previously, we anticipate annual revenue of approximately $300 million from our consumer end market. And following the divestiture of our automotive Ethernet business, approximately $100 million from our industrial end market.

此外，正如我們之前所說，我們預計消費者終端市場的年收入約為 3 億美元。在我們剝離汽車乙太網路業務之後，我們從工業終端市場損失了約 1 億美元。

In conclusion, we are executing on our strategy, driving strong revenue growth and expanding our operating margins towards our long-term target. In addition, our balance sheet has continued to strengthen and provides a solid foundation to support our growth opportunities. With that, we are ready to start our Q&A session.

總之，我們正在執行我們的策略，推動強勁的收入成長，並擴大我們的營業利潤率，以實現我們的長期目標。此外，我們的資產負債表持續增強，為支持我們的成長機會提供了堅實的基礎。這樣，我們就可以開始問答環節了。

Operator, please open the line and announce Q&A instructions. Thank you.

接線員，請接通線路並播報問答指示。謝謝。

(Operator Instructions)

（操作員指示）

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for taking my questions. I want to dive into the guidance for the custom business, Matt. I appreciate the lumpiness of it, but could you give any more color on the headwinds are in the third quarter? And then what gives you the confidence and any sort of magnitude on the increase in the fiscal fourth quarter?

嗨，大家好。感謝您回答我的問題。我想深入了解客製化業務的指導，馬特。我理解這種不穩定性，但您能否進一步說明第三季面臨的阻力是什麼？那麼，是什麼讓您對第四季的財政成長有信心並且有一定幅度的成長呢？

Yeah. Thanks, Ross. And I think you captured the right phrase, which is lumpiness. I think this is normal to see, particularly with the large hyperscale builds that happen and especially as you ramp them into production, which we've done this year on a number of programs. So this is not unusual.

是的。謝謝，羅斯。我認為你抓住了正確的短語，那就是塊狀。我認為這是正常的，特別是對於超大規模的建設，特別是當你將它們投入生產時，我們今年已經在多個專案中這樣做了。所以這並不罕見。

Fortunately, our optics business is quite strong in the coming quarter, and that's growing double digits. And then as we said -- as I said in the prepared remarks, we see a demand increase again in custom.

幸運的是，我們的光學業務在下個季度表現相當強勁，並且將實現兩位數的成長。正如我們所說的 - 正如我在準備好的演講中所說的那樣，我們看到定制需求再次增加。

So yeah, there's nothing unique there, Ross, other than we've spent the last couple of years ramping these into production, and we've got kind of a quarter digestion with the recovery in Q4. I will say that, overall, we expect custom to be up in the second half over the first half. And so you should expect a strong fourth quarter for custom

是的，羅斯，這並沒有什麼特別之處，除了我們在過去幾年中一直在努力將這些產品投入生產，並且隨著第四季度的復甦，我們已經進行了季度消化。我想說的是，總體而言，我們預計下半年的客製化量將比上半年上升。因此，你應該期待定制業務在第四季度表現強勁

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yeah, good afternoon. This is Jeremy calling for Tore. Maybe if you could provide a little bit more clarity on the design wins that you're seeing, how much of your custom products revenue that you expect in the second half is coming from some of these new programs? And how much is coming from some of your existing design wins. Any kind of color or clarity you can provide would be very helpful.

是的，下午好。這是傑里米 (Jeremy) 呼叫托爾 (Tore)。也許您可以更清楚地說明您所看到的設計勝利，您預計下半年的客製化產品收入有多少來自這些新項目？有多少收益來自於您現有的一些設計成果？您提供的任何顏色或清晰度都將非常有幫助。

Very helpful. Yeah. Thanks, Jeremy. Good to hear from you. And yes, I'll actually turn this one over to Chris to talk about the design win momentum we're seeing in the opportunity set as it relates to your question. Thanks. Go ahead, Chris.

非常有幫助。是的。謝謝，傑里米。很高興收到你的來信。是的，我實際上會把這個問題交給克里斯來談談我們在機會集中看到的與您的問題相關的設計勝利勢頭。謝謝。繼續吧，克里斯。

Yeah. Thanks, Matt. So yes, it's truly an exciting time to be in the custom silicon business for data center. We have a tremendous amount of design activity more than I've ever seen in my nine years at Marvell. And ultimately, we're seeing that across XPU, XPU attach emerging and existing hyperscalers.

是的。謝謝，馬特。所以，是的，現在確實是從事資料中心客製化矽片業務的令人興奮的時刻。我們的設計活動數量非常龐大，是我在 Marvell 工作九年來從未見過的。最終，我們看到 XPU 連接著新興和現有的超大規模器。

And I should say that even since our event in June, where we said that the XPU attach opportunities were in the sort of several hundred-million-dollar design win lifetime that's grown from there. Some of the ones we're chasing now are much, much larger than that just as the hyperscalers out these rack scale infrastructure.

我應該說，甚至自從我們六月的活動以來，我們就說過 XPU 連接機會處於幾億美元的設計勝利生命週期中，並且從那時起一直在增長。我們現在追逐的一些規模比這要大得多，就像超大規模的機架規模基礎設施一樣。

So yes, since June, the design wins that we've added, these are very meaningful thinking the billions of dollars for the new design wins. If you put it all together, it just gives us even more confidence in our 20% share target and it's an incredibly fast-growing market.

所以是的，自六月以來，我們增加的設計勝利，這些都是非常有意義的，考慮到新的設計勝利耗資數十億美元。如果把所有這些因素綜合起來，我們就會更有信心實現 20% 的份額目標，而且這是一個成長速度非常快的市場。

And maybe a follow-up in terms of is there any impact that you're seeing from supply constraints anywhere along the supply chain -- any impact from tariffs that you can see from your end?

或許您可以繼續問下去，您是否看到供應鏈中任何環節的供應限制產生了影響？從您的角度來看，關稅是否產生了影響？

Yeah, great. I'll let Chris runs our global operations, so I'll have him cover that, and then Willa, maybe you can make a quick comment on the tariffs, and I'll add.

是的，很棒。我會讓克里斯負責我們的全球業務，所以我會讓他負責這件事，然後威拉，也許你可以對關稅發表一下簡短的評論，我會補充一下。

Sure. Yeah. Certainly, the supply chain is very tight. It requires very tight coordination with our customers and very strong execution by our team. I'm very proud of our team to have met this ramp over the last year and very confident in our ability going forward. We've really been able to meet everything that our customers have needed. But it is tight and we have very strong coordination and execution.

當然。是的。當然，供應鏈非常緊張。它需要我們與客戶進行非常緊密的協調，並且需要我們團隊非常強大的執行力。我為我們的團隊在過去一年中所取得的進步感到非常自豪，並對我們未來的能力充滿信心。我們確實能夠滿足客戶的所有需求。但時間很緊，我們的協調性和執行力都很強。

And Jeremy, on tariffs, it remains a very dynamic environment. But really, we haven't seen any impact on our business to date. We keep tracking it very, very closely. But as we look across all the different end markets that we're addressing really haven't seen any significant impact.

傑里米，就關稅而言，這仍然是一個非常動態的環境。但實際上，到目前為止我們還沒有看到對我們業務的任何影響。我們一直在密切關注此事。但當我們審視我們所針對的所有不同終端市場時，並沒有看到任何重大影響。

Thank you very much.

非常感謝。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yes. Kind of building on the earlier question, just to level set as we think about the lumpiness in the custom XPU business, I'm curious, you've had obviously a very talked about lead customer. I'm curious, as you're looking at the business today, how concentrated are you amongst your lead customer?

是的。基於先前的問題，當我們思考客製化 XPU 業務的不平衡性時，我很好奇，您顯然有一個非常受關注的領先客戶。我很好奇，當您今天審視業務時，您對主要客戶的關注程度如何？

And if we look out, let's say, six months or even 12 months from now, how do we expect to see some of these additional design wins start to fold into the XPU revenue stream? I'm just -- I'm trying to gauge the timing of some of these additional opportunities.

如果我們展望未來，比如說從現在起六個月甚至十二個月，我們如何預期看到這些額外的設計勝利開始融入 XPU 收入流？我只是——我正在嘗試判斷這些額外機會的時機。

Yeah. Thanks, Aaron. And I think you said it right. We had started a few -- just a few years back, a couple of AI days ago, really talking about a handful of sockets that we're going to be kind of our initial lead and those have now ramped and are ramping, albeit lumpiness we're seeing in the short term, but those are happening.

是的。謝謝，亞倫。我認為你說得對。就在幾年前，也就是幾天前的人工智慧會議上，我們真正討論了幾個插座，這些插座將成為我們的初始領先者，現在它們已經並且正在增加，儘管我們在短期內看到了一些不穩定性，但這些都在發生。

And then on top of it, the 18 we talked about just a couple of months ago at the AI day, those are all either starting now, next year, really in the next sort of, I'd call it, between now and the next 18 to 24 months, those will all start to layer in.

除此之外，幾個月前我們在人工智慧日上討論的 18 個技術，它們要么從現在開始，要么從明年開始，實際上，從現在到未來的 18 到 24 個月，它們都會開始逐步實施。

And then as Chris mentioned, we've actually secured some incremental wins. So think of it as kind of 18-plus. So there's a journey there from a handful to 18-plus to beyond and that's really what we're focused on is driving our market share from where we were just a couple of years back at 10% share in '23, 13% the year after and driving to 20% over time, and we're certainly getting a lot of confidence in that with just the recent design activity that Chris talked about. It's kind of unprecedented. It's almost episodic right now. Thanks.

正如克里斯所提到的，我們實際上已經取得了一些漸進的勝利。所以可以將其視為 18 歲以上。因此，這是一個從少數人到 18 歲以上再到更多的旅程，而我們真正關注的是推動我們的市場份額，從幾年前的 10% 到 23% 的份額，第二年到 13%，隨著時間的推移，我們對此充滿信心，就像 Chris 談到的最近的設計活動一樣。這是前所未有的。現在它幾乎是連續發生的。謝謝。

And then as a quick follow-up, I know NVIDIA this week talked about scale out or scale across networks. I'm curious on how Marvell sees this opportunity moving from just not scale out and scale up but scale across DCI. Any framing of how big of an opportunity that might represent for Marvell?

然後作為快速的後續，我知道 NVIDIA 本週討論了擴展或跨網絡擴展。我很好奇 Marvell 如何看待這個機會，它不僅僅是向外擴展和向上擴展，而是跨 DCI 擴展。你能不能想像一下，這對 Marvell 來說是一個多大的機會？

Yeah. Maybe I'll comment and Sandeep will comment. It's certainly something we're aware of. There's a number of different opportunities that keep layering in that would leverage our networking and our connectivity technology. Sandeep, I don't know if you have any additional thoughts, but this is something that is relatively new. But Sandeep, go ahead if you've got some thoughts.

是的。也許我會發表評論，Sandeep 也會發表評論。我們當然知道這一點。有許多不同的機會可以不斷湧現，利用我們的網路和連接技術。Sandeep，我不知道您是否有其他想法，但這是一件相對較新的事情。但是桑迪普，如果你有什麼想法，就繼續吧。

Yeah. Thank you, Matt. So in terms of scale-up opportunities, there is certainly, aside from the lead GPO player who has its own proprietary scale of fabric. There's a huge demand for Ethernet and purpose-built fabrics such as the UALink.

是的。謝謝你，馬特。因此，就擴大規模的機會而言，除了擁有自己專有規模結構的主要 GPO 參與者之外，肯定還存在擴大規模的機會。人們對乙太網路和 UALink 等專用結構的需求龐大。

And we see a lot of traction over the next couple of years for the scale-up requirements, and we are investing heavily to bring our scale up switches to the market, and we see momentum in the next couple of years.

我們看到未來幾年擴大規模的需求將有很大的吸引力，我們正在大力投資將我們的擴大規模的交換機推向市場，我們看到未來幾年的發展勢頭。

So we will have standard products using our state-of-the-art, low latency scale-up switching IP portfolio, some of which we acquired from Innovium, which has been a great asset for us. So we are very confident of scale-up switches being a key growth driver for us in the next couple of years.

因此，我們將使用我們最先進的、低延遲的擴展交換 IP 產品組合來提供標準產品，其中一些是我們從 Innovium 收購的，這對我們來說是一筆巨大的財富。因此，我們非常有信心，擴大規模的交換機將成為未來幾年我們成長的主要動力。

Yeah. And then more to come in the future, Aaron, on the other type of opportunities, but thanks for covering that Sandeep. Appreciate it.

是的。亞倫，未來還會有更多關於其他類型的機會，不過還是感謝桑迪普的報道。非常感謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Just a near and longer-term question on your custom business. So just near term, Matt, do you think Q4, your data center growth can accelerate year-on-year from the Q3 levels that you gave, just so that we got levels that are our models.

這只是關於您的定制業務的一個近期和長期問題。那麼，馬特，就近期而言，您是否認為第四季度您的數據中心增長速度會比您給出的第三季度水平同比增長，這樣我們就能得到符合我們模型的水平。

And then as we look at 2026, one of your XPU competitors has suggested their business can grow 60% I think yesterday, Jensen kind of threw a 50% or so. So whatever industry growth rate seems to be in this 50% or so Zipcode for next year? Do you think Marvell has the visibility today around timing and magnitude of your large projects to kind of say that your business can sort of grow in line with what industry expectations are?

然後，當我們展望 2026 年時，你們的一位 XPU 競爭對手錶示，他們的業務可以成長 60%，我想昨天 Jensen 的預測是 50% 左右。那麼，明年這個郵遞區號地區的產業成長率大概在 50% 左右嗎？您是否認為 Marvell 目前對大型專案的時間和規模具有預見性，從而可以說您的業務能夠按照行業預期成長？

Or are there other puts and takes we should keep in mind. Thank you.

或者還有其他我們應該牢記的優缺點。謝謝。

Yeah. Thanks, Vivek. Yeah, a couple of things. I think one is our custom. We don't do an annual guide, and we typically just guide a quarter at a time. I'll get to Q4 in a minute, but just as a baseline. And then I would say on the annual stuff, we've only done that very, very rarely, and that's typically been later in the year as we have more visibility.

是的。謝謝，維韋克。是的，有幾件事。我認為一個是我們的習俗。我們不做年度指南，通常我們每次只提供季度指南。我馬上就會進入 Q4，但這只是作為基準。然後我想說，就年度事務而言，我們很少這樣做，而且通常是在年底，因為我們有更多的可見性。

So just to set the stage. Look, I think the overall momentum in the business has been very strong for several quarters now. And I think I gave you some of the data points, which is that custom would be up in the second half versus the first half.

只是為了做好準備。瞧，我認為近幾個季度以來，業務的整體發展勢頭一直非常強勁。我認為我已經給了你一些數據點，也就是說，下半年的客製化量將比上半年上升。

You can look at our optics performance, Q2, Q3, especially the Q3 up double digits. And then obviously, when you look at the big picture, we're very pleased, which no one has asked the question about yet, but it layers into the big picture on overall Marvell performance is the very strong recovery in the core business and enterprise networking and carrier I mean just for reference on that business, we hit a low point during the inventory recovery cycle at about a $900 million annualized run rate and implied in our Q3 guide, this business goes back up at like a 17 run rate.

你可以看看我們的光學性能，Q2、Q3，特別是Q3成長了兩位數。然後顯然，當你看大局時，我們非常高興，雖然還沒有人問過這個問題，但它對 Marvell 整體表現的影響是核心業務和企業網絡和運營商的強勁復甦，僅供參考，在庫存恢復週期中，我們達到了低點，年化運行率約為 9 億美元，而我們的第三季度指南以暗示，這項業務將以 17 的運行率回升。

So very, very strong recovery both on inventory as well is on new programs that are kicking in and new products that are in the next technology node. So that's all a positive in terms of the setup for Q3 and Q4.

因此，庫存以及正在啟動的新項目和下一個技術節點的新產品都出現了非常強烈的復甦。因此，就 Q3 和 Q4 的設定而言，這一切都是正面的。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey guys, thanks for taking my question. Matt, I'm going to hit on the ASIC topic again. So apologies just one to dive in for a little more clarity. But when you look at what the digestion that's occurring in the October quarter is, is that one project winding down, while another is then winding back up in the fourth quarter?

嘿夥計們，謝謝你們回答我的問題。馬特，我將再次討論 ASIC 話題。因此，抱歉，我只是想進一步了解一下。但是，當您查看 10 月季度的消化情況時，是否一個專案正在逐漸結束，而另一個專案則在第四季度重新啟動？

Is that just a temporary pause? Like any color on what's happening there? Is that just traditionally, you see certain pockets where customers take product and then they stop. But is there anything to do with the product transition there as well? Any help there would be useful.

這只是暫時的停頓嗎？就像那裡發生的事情一樣？傳統上，你會看到某些地方的顧客拿走產品後就停下來了。但那裡的產品轉型也與此有關嗎？任何幫助都會有用。

Yeah. Thanks, Tom. No problem for the question. Yes. No at a high level, these are existing programs. And it's really an it's really just a timing issue in terms of how we deliver the product and when the customers builds are occurring and when they want the product from us.

是的。謝謝，湯姆。這個問題沒問題。是的。不，從高層次來看，這些都是現有的程式。這實際上只是一個時間問題，涉及我們如何交付產品、客戶何時進行建置以及何時需要我們提供產品。

So given that this is -- as I said earlier, we're in the early stages of custom. This is really our first big first year with the handful of sockets that will translate over to many more it's really just a timing issue between the quarters. So it's just more apparent.

因此，鑑於這是——正如我之前所說，我們正處於定制的早期階段。這確實是我們的第一個重要年頭，擁有少量的插座，這些插座將轉化為更多的插座，這實際上只是季度之間的時間問題。所以它就更加明顯了。

Now over time, we do see a lot more diversity in this part of the business in Marvell as additional programs ramp. But obviously, we're starting from a pretty low base just a couple of years back.

隨著時間的推移，隨著更多項目的增加，我們確實看到 Marvell 的這部分業務變得更加多樣化。但顯然，幾年前我們的起點還很低。

Helpful. And then just as a follow-up on the optical business, you're guiding to double-digit growth in the October quarter. You've heard others during this earnings period, you talked about supply constraints, particularly on the laser side.

很有幫助。然後作為光學業務的後續發展，您預計 10 月季度將實現兩位數成長。在此盈利期間，您聽到其他人談論供應限制，特別是在雷射方面。

We're obviously a component provider that's going into these modules. But in terms of the ecosystem. Are you seeing any stops and starts there in terms of product ramps as well? Or are you hearing about any component issues? Or are you relatively immune from that in your ramp?

顯然，我們是這些模組的元件提供者。但就生態系統而言。您是否也看到產品產量出現停滯和啟動的情況？或者您聽過任何組件問題？或者說，你的坡道相對來說不會受到這種影響嗎？

Yes. I'll lead off and I'll let Chris comment if it's appropriate. I mean, look, I think we've ramped this optics business just massively, okay, over the last few years. And very successfully, by the way. So I wanted to just echo what Chris said, our business unit team, sales team and operations team have done a great job.

是的。我先開始，如果合適，我會讓克里斯發表評論。我的意思是，看，我認為我們在過去幾年裡已經大力發展光學業務。順便說一句，而且非常成功。所以我只想重複克里斯所說的話，我們的業務部門團隊、銷售團隊和營運團隊都做得非常出色。

We have deep partnerships up and down the supply chain and with the key module companies to really plan our business together. So there seems like there's always something going on, but I think we've been able to just manage through it and continue to grow quite dramatically if you look at the ramp over the last few years.

我們與供應鏈上下游以及主要模組公司建立了深厚的合作夥伴關係，真正共同規劃我們的業務。所以似乎總有一些事情發生，但我認為，如果你看看過去幾年的成長情況，我們就能渡過難關，並繼續實現相當顯著的成長。

So I think there's always noise in the system, Tom, relative to different pieces of it. But I'd say, overall, we're tracking really well.

因此，湯姆，我認為系統中總是存在著噪音，相對於系統的不同部分。但我想說，整體而言，我們的進展非常好。

Chris, do you have anything to add or do I capture that?

克里斯，你還有什麼要補充的嗎？或者我記錯了嗎？

I think you captured it. Just very strong partnerships with our customers and trying to stay one step ahead of all the changes and executing very well.

我想你抓住了它。我們與客戶建立了非常牢固的合作夥伴關係，並努力在所有變化中保持領先一步，並且執行得非常好。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Matt, so you're guiding data center flat and OpEx is up double digits. Since you're guiding optics up double digits, can you give us a cents of sort of what the baseline is for the optics business? I know you did provide that the AI revenue would cross over half of the total company revenue. Is that happening as soon as fiscal Q3, so is optics plus custom at 50% of the total company revenue. I'm just kind of wondering because you're guiding optical, I'd like to see if you can give us some sense of what the baseline was coming off fiscal Q2.

馬特，所以你指導的資料中心持平，而營運支出卻上漲了兩位數。既然您指導光學業務成長兩位數，您能否告訴我們光學業務的基準是多少？我知道您確實提出過人工智慧收入將占公司總收入的一半以上。這是否會在第三財季發生，那麼光學和客製化業務將占公司總收入的 50%。我只是有點好奇，因為你指導的是光學，我想看看你是否可以讓我們了解第二財季的基線情況。

Yeah. Let me just start off real quick and I'll see if Willem wants to add. I mean we haven't updated that number. I don't think since Q4, where optics was about half, custom was about a quarter and then other was about 25%. Obviously, optics and customer both come up since then, but we haven't exactly put a beat on that and updated that exact mix.

是的。讓我先快速開始，看看威廉是否想補充。我的意思是我們還沒有更新這個數字。我認為自第四季以來，光學約佔一半，定制約佔四分之一，其他約佔 25%。顯然，從那時起光學和客戶都出現了，但我們並沒有確切地對此進行打擊並更新確切的組合。

Willem anything -- any commentary that would be helpful. It's obviously something to we're probably not going to update on a quarterly basis. I totally get the question, but Will, anything to add?

Willem，任何評論都會有幫助。顯然，我們可能不會按季度更新。我完全明白你的問題，但威爾，還有什麼要補充的嗎？

No, that's the right framework and to exactly what Matt said, we take that guidance we gave in Q4, and you can apply your growth rates. And it's just not a number we're going to be sharing every quarter, but that should give you a good sense of what it is.

不，這是正確的框架，正如馬特所說的，我們採用了第四季度給出的指導，您可以應用您的成長率。我們不會每個季度都分享這個數字，但這應該能讓您很好地了解它到底是什麼。

Okay. But is the total -- just because, Matt, you did say last quarter that the total AI number would be half the company before the end of the fiscal year. I mean, can you at least provide a sort of a mile post that? Is that happening in fiscal Q3? Or will that happen more in fiscal Q4?

好的。但總數是——只是因為，馬特，你在上個季度確實說過，到本財年結束，人工智慧的總數將占到公司的一半。我的意思是，你至少可以提供一個里程碑嗎？這會在財政第三季發生嗎？或者這種情況會在第四財季更多地發生嗎？

Yeah. I think I'd have to give you a follow-up, Jim. I don't have the spreadsheet right in front of me on that. But it's clearly -- I mean, the -- yeah, I think with the puts and takes, custom up second half over first, strong optics, yes, I don't have that number right at the tip of my fingers. But it's definitely trending the same way.

是的。我想我必須給你一個後續訊息，吉姆。我面前沒有這方面的電子表格。但很明顯——我的意思是——是的，我認為，考慮到投入和產出，後半部分比前半部分定製程度更高，視覺效果更強，是的，我並沒有立即得到這個數字。但其趨勢肯定是相同的。

I wouldn't say there's any directional change there.

我不會說那裡有任何方向性的變化。

Yeah, okay, awesome. Thank you.

是的，好的，太棒了。謝謝。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Yeah. I had a question on the scale of the AI business. I think you mentioned you had 18 wins before you might have picked up, I think you suggested a couple of more wins. So I wanted to understand of all the custom and attach chips that Marvell is working on many of them are actually producing revenues today?

是的。我對人工智慧業務的規模有一個疑問。我想你提到你可能在獲勝之前已經贏了 18 場，我想你建議再贏幾場。所以我想了解 Marvell 正在開發的所有定制和附加晶片中，其中許多實際上正在產生收入？

I want to understand kind of like where we are today because we understand that you are aiming for 20% of $94 billion by 2028. So I'm trying to understand where we stand today and kind of knowing where we're headed to.

我想了解我們目前的狀況，因為我們知道你們的目標是到 2028 年達到 940 億美元的 20%。因此，我試圖了解我們目前的狀況以及我們的發展方向。

Yeah. Thanks, Harsh. Chris, do you want to give some commentary on that one?

是的。謝謝，哈什。克里斯，你想對此發表一些評論嗎？

Sure. Yes. So certainly, there are multiple -- several that are in production today and have been since late last year. And of those 18, they're all either sort of -- they're either going to production now or have gone to production this year or into next year. So what you're seeing is pretty much every quarter, you're seeing new parts of those programs moving into production. And ultimately, we see that will continue to grow over time.

當然。是的。因此，當然有多個——其中一些目前正在生產，而且自去年年底以來就一直投入生產。在這 18 部影片中，它們要么現在就投入生產，要么已經在今年或明年投入生產。因此，您幾乎每個季度都會看到這些程序的新部分投入生產。最終，我們看到它會隨著時間的推移而持續增長。

Okay. And then just maybe broadly, very broadly, help us understand, and I'm not asking for any customer -- specific customer, but if most of your wins or all lot your wins largely speaking are on track. And the reason why I'm asking is when we talk to clients, investors, there's just a lot of controversies. So any kind of statement that you can make would be helpful.

好的。然後也許從廣義上，非常廣義地幫助我們理解，我不是要求任何特定的客戶，但如果你的大部分勝利或所有的勝利基本上都在正軌上。我之所以問這個問題，是因為當我們與客戶、投資者交談時，發現有許多爭議。因此，您做出的任何陳述都會有所幫助。

Well, there's always controversy, Harsh, I mean, I think that's why at the end of the day, that was a big motivation for us with respect to you guys and the broader investor community around, our AI Day was really trying to frame where we're driving the business, what the technology differentiation is what the opportunity set is, breaking it down actually and a lot more granularity than I think we've done before relative to hyperscale versus emerging XPU, XPU attach, the relative size of those opportunities.

嗯，Harsh，爭議總是有的，我的意思是，我認為這就是為什麼到最後，這對我們來說是一個很大的激勵，對於你們和周圍更廣泛的投資者社區來說，我們的人工智能日實際上是在試圖界定我們推動業務發展的方向，技術差異化是什麼，機會集是什麼，實際上，將其分解，並且比我認為我們以前在超大規模定型 XPU 以前所做的更細規模。

And so that's -- and we gave some commentary today just that we're tracking against those and have now closed some. So that's going to be the focus of how we think about the go forward. But given the design win momentum we're seeing, clearly, we're continuing to garner new incremental business from really across the board, the traditional big hyperscalers as well as the emerging generation. So that's -- hopefully, that's helpful.

這就是——我們今天給了一些評論，只是我們正在追蹤這些問題，現在已經解決了一些問題。因此，這將是我們思考未來發展的重點。但鑑於我們所看到的設計勝利勢頭，顯然，我們將繼續從各個方面獲得新的增量業務，包括傳統的大型超大規模企業以及新興一代。所以——希望這會有所幫助。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon, thanks for taking my question. I was wondering if you could maybe address capital allocation from a high level for a moment. If you look at your automotive Ethernet business, that's a very attractive price you're able to get from that.

下午好，感謝您回答我的問題。我想知道您是否可以從高層次討論一下資本配置。如果您看一下汽車乙太網路業務，您會發現這是一個非常有吸引力的價格。

So maybe you can maybe talk a little bit about the intended use of the proceeds with your bias is more towards tuck-in acquisitions that allowed you to pursue the AI strategy even faster or buybacks? And then more broadly, are you open to potential sale of other components of the business at the right price, whether that be carrier consumer or otherwise?

那麼，也許您可以稍微談談收益的預期用途，您更傾向於進行補充收購，以便您更快地推行人工智慧策略，還是回購？更廣泛地說，您是否願意以合適的價格出售業務的其他組成部分，無論是運營商消費者還是其他？

Yeah. Thanks, Jim. It's a thoughtful question, and I'll up-level it just for a second. So yes, this is a driving force our capital allocation framework on how we run the company, and it the automotive divestiture and then the proceeds are just kind of an output of that. And I'll -- in a minute, I'll just have Willem comment on that.

是的。謝謝，吉姆。這是一個值得深思的問題，我將稍微提升它的層次。是的，這是我們營運公司的資本配置框架的驅動力，而汽車資產剝離及其收益只是其中的一種產出。我會——一會兒，我就讓威廉對此發表評論。

But as a background, we have run since August 2016, so basically 6 weeks after I became CEO, we implemented a strategy process, which was really our capital allocation framework on how we think about investing our R&D dollars primarily.

但作為背景，我們自 2016 年 8 月以來一直在運行，所以基本上在我成為首席執行官 6 週後，我們實施了一項戰略流程，這實際上是我們的資本配置框架，主要關於我們如何考慮投資研發資金。

At that time, too, there were some opportunities around buybacks and so forth given where Marvell was at that time. But primarily, we drive it from the strategy first. And our vision is -- and we -- and by the way, we just completed our tenth strategic review a couple of weeks ago.

考慮到 Marvell 當時的狀況，當時也存在一些回購等方面的機會。但首先，我們是從策略角度來推動的。我們的願景是──順便說一下，我們幾週前剛完成了第十次策略評估。

So we've been doing this kind of year in and year out. And what you've hopefully seen is that over time, we've continued to evolve the company from really a consumer enterprise kind of focused company to a data center, AI, first company. And I'd say even in the last few years as we made the pivot, we've now got our R&D spending well north of 80% of our total spending in AI and data center.

因此我們年復一年地這樣做。希望您看到的是，隨著時間的推移，我們不斷發展，從一家真正專注於消費者企業的公司轉變為以資料中心和人工智慧為重點的公司。我想說，即使在過去幾年我們做出轉變的時候，我們現在的研發支出也遠遠超過了人工智慧和資料中心總支出的 80%。

And that number has come up probably from, I don't know, 60% just a few years ago and then way back when it was almost nothing because we had no business there. So that -- and so around your question then, and when we looked at automotive as an example, it was just -- it was a great business.

而這個數字可能是從幾年前的 60% 上升到現在的 60%，而很久以前，這個數字幾乎為零，因為我們在那裡沒有生意。那麼，圍繞著你的問題，當我們以汽車為例時，它就是──一項偉大的事業。

We had built it up from scratch. It was -- it continued to stay a small portion of our total revenue. And as the AI thing took off, it became even smaller, and then we had this opportunity to give it a great new home and Infineon, which they found -- and for Marvell, we obviously got significant and compelling valuation for that. We have the proceeds. And so now we're looking at how to deploy those.

我們從零開始建造它。是的——它仍然只占我們總收入的一小部分。隨著人工智慧的興起，它變得更小了，然後我們就有機會給它一個偉大的新家，英飛凌也找到了它——對於 Marvell 來說，我們顯然獲得了重大而令人信服的估值。我們有收益。所以現在我們正在研究如何部署它們。

And I think it's -- it's going to be some -- it's not decided at the moment. We just closed this. And by the way, great job to the team. I think this was -- we had said end of the year, and we closed it in early August. So it was a huge, huge win for everybody involved.

我認為——這會是一些——目前還沒有決定。我們剛剛關閉了它。順便說一句，團隊表現出色。我認為這是——我們說過會在年底，但我們在八月初就結束了。所以對所有參與者來說，這都是一個巨大的勝利。

And I'll let Willem comment in a moment, but I think the answer is probably some of both. I mean we're definitely going to keep looking at our organic investments to figure out how to differentiate and win in AI. If there are tuck-ins and things we can do, that's obviously on the table. But we've been consistent really since -- for probably the last four or five years, which was we invested early and heavy in M&A to build the portfolio we wanted. We've done a lot organically to build up our capabilities.

我會讓威廉稍後發表評論，但我認為答案可能是兩者兼而有之。我的意思是，我們肯定會繼續關注我們的有機投資，以找出如何在人工智慧領域脫穎而出並獲勝。如果我們可以做一些補充或事情，那顯然是可以考慮的。但自那以後，我們一直保持一致——大概在過去的四、五年裡，我們早期就對併購進行了大量的投資，以建立我們想要的投資組合。我們已做了很多有組織的工作來增強我們的能力。

So we're in great shape there, but we're always going to look. Willem, maybe a little bit to add to this? I know it's a long answer, but it's I think helpful for investors to know how we think. But Willem, anything to add.

所以我們在那裡處於良好的狀態，但我們會一直關注。威廉，也許還有什麼要補充的嗎？我知道這是一個很長的答案，但我認為這有助於投資者了解我們的想法。但是威廉，還有什麼要補充的嗎？

Yeah, I'll just add a couple and just also call out to the team for doing a phenomenal job on getting this deal closed in particularly four months a deal of this size and complexity is a phenomenal job. So Jim, when you look back at the last couple of quarters here, we've really driven an increased level of buybacks really through much more consistent execution on our free cash flow.

是的，我只想補充幾點，同時也要讚揚團隊在四個月內完成這筆交易的出色工作，對於如此規模和複雜程度的交易來說，這是一項了不起的工作。所以吉姆，當你回顧過去幾個季度時，你會發現我們確實透過更一致地執行我們的自由現金流來推動回購水準的提高。

And so as a basis, you should expect for us to continue to driving that and having a focus on very consistent free cash flow execution driving a higher level of buybacks and then as Matt mentioned, I think this additional capital really gives us a lot of flexibility around being opportunistic on doing more buybacks. But at the same time, we're at this historic moment in terms of the size of this AI market and where we do see tuck-ins that can accelerate our book -- our road map towards addressing that, we'll take advantage of that.

因此，作為基礎，您應該期望我們繼續推動這一點，並專注於非常一致的自由現金流執行，推動更高水平的回購，然後正如馬特提到的，我認為這筆額外的資本確實為我們提供了很大的靈活性，讓我們有機會進行更多的回購。但同時，就人工智慧市場的規模而言，我們正處於這個歷史性時刻，我們確實看到了可以加速我們解決這個問題的路線圖的機會，我們將利用這一點。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

This goes back to one of the previous questions. You know the noise level out of Asia on your lead customers follow-on 3-nanometer XTU program continues at this deafening pace, right? With your Asia competitor they're essentially claiming victories on 3-nanometer. So what's the update with Marvell's 3-nanometer XPU follow-on program with your lead customer? I think last earnings call, Matt, you talked about securing 3-nanometer wafer capacity, packaging capacity production in calendar '26.

這又回到了之前的問題。您知道亞洲對您的主要客戶後續 3 奈米 XTU 計劃的喧鬧程度正在以這種震耳欲聾的速度持續下去嗎？您的亞洲競爭對手基本上在 3 奈米技術上取得了勝利。那麼 Marvell 的 3 奈米 XPU 後續計畫與您的主要客戶有何進展？馬特，我記得上次財報電話會議上，您談到了確保 26 年 3 奈米晶圓產能和封裝產能的生產。

Is this program still tracking? What's the confidence level on this program still driving growth next year? And then maybe just an update on your third XPU customer win at 3-nanometer, which was supposed to wrap back half of calendar '26. How is this program tracking as well?

這個程式還在追蹤嗎？您對該計劃明年是否仍能推動成長有信心嗎？然後也許只是關於您在 3 奈米技術上贏得第三個 XPU 客戶的更新，這應該會在 26 年日曆的上半年結束。這個程式的追蹤情況如何？

Yeah. Thanks, Harlan. I appreciate the question. I understand the noise. As I said, though, in my answer to the earlier question, we're at a point where the initial programs and wins we have are ramping.

是的。謝謝，哈蘭。我很感謝你提出這個問題。我理解這種噪音。不過，正如我在回答先前的問題時所說的那樣，我們目前正處於初始計劃和勝利不斷增加的階段。

We've increased our opportunity set pretty significantly to -- from a handful of sockets to this 18-plus. And we're really driving to the market share targets in the future. And just given the massive sort of focus in this area and sensitivity, commenting on just the individual sockets at this point is only probably increasing the noise level.

我們已大幅增加了我們的機會集——從少數插座增加到 18 個以上。我們確實正在努力實現未來的市佔率目標。鑑於這一領域的廣泛關注和敏感性，此時僅對單個插座進行評論可能只會增加噪音水平。

And what we're really focused on is winning incremental designs, executing on the ones we've got and driving the business forward and ultimately trying to get 20% of a $90-plus billion TAM in the future. That's where that's at.

我們真正關注的是贏得增量設計，執行現有的設計並推動業務發展，並最終努力在未來獲得 900 多億美元 TAM 的 20%。那就是它所在的地方。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hi guys, I wanted to follow up just kind of on the scale-up, switch fabric opportunity. It seems like it's bigger part of the XPU attach market, and they're different flavors, Ethernet, UALink. Just wondering, can you give us a sense when Marvell may have its first products ramping to revenue? Is that a calendar '16 event? Or is it going to be more UALink based and more likely a calendar 2017 event? And then I've got a follow-up.

大家好，我想跟進擴大規模、交換結構的機會。它似乎是 XPU 連接市場的更大份額，並且它們有不同的類型，乙太網路、UALink。只是好奇，您能否告訴我們 Marvell 的第一批產品何時能帶來收入？這是 16 年曆上的事件嗎？或者它將更多地基於 UALink 並且更有可能是 2017 年日曆事件？然後我有一個後續行動。

Yeah. Thanks, Quinn. I think maybe I'll have Sandeep add a little bit more, but I think he did a good job framing it. I will just say though to maybe up level for a second. I think on the scale up, it really is a great combination of key Marvell IPs all into one, especially our low-latency switching IP, our SerDes and then just the ecosystem we're living in relative to XPUs.

是的。謝謝，奎因。我想也許我會讓桑迪普添加更多內容，但我認為他已經很好地完成了框架設計。我只是想說，也許可以再提高一秒鐘。我認為從規模上看，它確實是將關鍵的 Marvell IP 完美地結合在一起，特別是我們的低延遲交換 IP、我們的 SerDes，以及我們相對於 XPU 所處的生態系統。

And then this being a key XPU attached that's fundamentally almost a chipset type of a decision. So Sandeep, anything else to add on that. I think we haven't really articulated a lot yet publicly on what we're doing, but there's a huge amount of momentum here, and we're engaged very broadly in this area. Sandeep, any thoughts and closing remarks on this one.

然後，這是一個附加的關鍵 XPU，從根本上來說，它幾乎是一個晶片組類型的決定。那麼 Sandeep，還有什麼要補充的嗎？我認為我們還沒有公開闡明我們正在做的事情，但這裡的勢頭非常強勁，而且我們在這個領域的參與度非常廣泛。Sandeep，對此您有什麼想法和總結嗎？

Yeah. Thank you, Matt. So definitely, we are investing to bring UALink and Ethernet-based products as we engage with our customers and working very closely with our customers' timeline, what I would say is product introductions in the UALink and Ethernet space for scale-up specifically will be in the next 2 years. And certainly, with the assets that we have -- not only are we looking at link-based products, in interconnect, we're already starting to see the use of ACs in the near term and AOCs all for -- which is active electrical cables and active optical cables positioning us to participate in these markets. So for UALink and Ethernet-based specifically, it will be in the next two years.

是的。謝謝你，馬特。因此，我們肯定會投資推出 UALink 和基於乙太網路的產品，因為我們會與客戶互動，並將與客戶的時間表密切合作，我想說的是，UALink 和乙太網路領域的產品推出將在未來 2 年內進行，具體來說是擴大規模。當然，憑藉我們擁有的資產 - 我們不僅關注基於連結的產品，在互連方面，我們已經開始看到近期使用 AC 和 AOC - 即有源電纜和有源光纜，這使我們能夠參與這些市場。因此，對於 UALink 和基於乙太網路而言，這將在未來兩年內實現。

Got it. And then I just wanted to ask how are you guys is have a very substantial business in the DSP-based optical modules. A few of your peers have started to note that I believe three hyperscalers are beginning to ramp LPO modules. Can you just kind of frame for us? Do you think that the -- are there substantial LPO developments beginning to occur?

知道了。然後我只想問一下你們在基於 DSP 的光模組方面的業務如何。你們的一些同行已經開始注意到，我相信三個超大規模企業正開始增加 LPO 模組。您能為我們提供一個框架嗎？您是否認為－LPO 是否開始出現實質的發展？

Are they pretty niche applications? I mean just any sense of LPO penetration of the overall optical transceiver market? Is it likely to stay in the low single-digit percentages. Do you see it getting bigger than that over a couple of years? Just like to hear your thoughts since you guys are obviously the incumbent.

它們是不是相當小眾的應用？我的意思是 LPO 對整個光收發器市場的滲透程度如何？它是否有可能保持在較低的個位數百分比？您認為幾年後它會變得更大嗎？只是想聽聽你們的想法，因為你們顯然是現任者。

Yeah. Thanks, Quinn. Yeah. No, it's happening at a smaller scale. And by the way, we're in some of those, too. We have active wins, and we're going to production and those types of modules as well. But just given the sheer scale of the DSP-based pluggable it just ends up being a very small number and more of a niche use case, but a valuable one, if the customer really needs it and can implement it and get it working in a production, it can be a benefit. But the vast majority we see today still is -- and for the foreseeable future is pluggable. All right. Operator, I think that's it.

是的。謝謝，奎因。是的。不，它的規模較小。順便說一句，我們也參與了其中的一些活動。我們取得了積極的勝利，並且我們也將投入生產這些類型的模組。但是，僅考慮到基於 DSP 的可插拔裝置的規模，它最終的數量非常少，而且更像是一種小眾用例，但它很有價值，如果客戶真的需要它，並且可以實現它並使其在生產中發揮作用，那麼它就會帶來好處。但我們今天看到的絕大多數仍然是——並且在可預見的未來是可插入的。好的。接線員，我想就是這樣了。

I'm just going to make some closing remarks. Okay. So anyway, thanks, everyone, for joining. I appreciate all of your interest in Marvell and joining the call and listening in. Just a couple of points.

我只想做一些結束語。好的。無論如何，感謝大家的加入。感謝大家對 Marvell 的關注、參與與聆聽。僅幾點。

I think the first is, as I indicated, and Chris and also Sandeep talked about, I mean the design win momentum in custom has been very, very strong. even since the AI day, I feel really good about that $75 billion pipeline that we're really bringing to close some of those key opportunities within that.

我認為首先，正如我指出的，以及 Chris 和 Sandeep 談到的，客製化設計獲勝的勢頭一直非常非常強勁。甚至自從人工智慧時代以來，我對我們正在實現的 750 億美元的管道感到非常滿意，因為它確實抓住了其中的一些關鍵機會。

I think that pipeline, by the way, from what we can see is probably going to just keep growing. And by the way, this is across XPU, XPU attach. It's at the large hyperscalers and then continuing to increase around the emerging.

順便說一句，我認為從我們所看到的情況來看，這條管道可能會繼續增長。順便說一下，這是跨 XPU、XPU 附加的。它存在於大型超大規模中，並在新興領域持續成長。

Optics continues to be very strong. We're managing the execution quite well and growing the business there. And then the core business, which was a point of consternation in the past about when would that come back and what would that ramp look like? It's nice to see in Q3, the strong sequential in enterprise networking and carrier I think it's like 30% sequential and 80-plus percent year-over-year.

光學領域持續表現強勁。我們的執行管理得很好，業務也不斷成長。然後是核心業務，過去人們擔心的是什麼時候核心業務會恢復，以及成長速度會是什麼樣子？很高興看到第三季企業網路和營運商的強勁成長，我認為季增 30%，年增 80% 以上。

So very strong recovery there. And finally, it's showing up in the numbers. I mean, we're getting a lot of leverage here looked at Q2 EPS, it's up like 123% year-over-year. In Q3, at the -- if you look at the guide, EPS would be up like 70%, so much faster than revenue. Same thing on the sequential.

那裡的復甦非常強勁。最後，它體現在數字上。我的意思是，我們在這裡獲得了很多槓桿，看看第二季的每股收益，它比去年同期成長了 123%。在第三季度，如果你看一下指南，每股盈餘將成長 70%，比營收成長快得多。順序上也是同樣的事情。

So overall, we're very pleased with the performance of the company. We see a massive opportunity ahead, and I appreciate everybody's interest in Marvell, and we'll talk to you all soon. Thank you so much.

整體而言，我們對公司的表現非常滿意。我們看到未來有巨大的機遇，我感謝大家對 Marvell 的興趣，我們很快就會與大家交談。太感謝了。

Ladies and gentlemen, thank you for your participation. This does conclude today's conference. Please disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的會議到此結束。請斷開您的線路並祝您度過美好的一天。